Borrowings and Other Secured Financings (Tables)

12 Months Ended

Dec. 31, 2018

Borrowings and Other Secured Financings

Maturities and Terms of Borrowings

	Parent Company				Subsidiaries				At		At
	Fixed		Variable		Fixed		Variable		December		December
$ in millions	Rate		Rate¹		Rate		Rate¹		31, 2018		31, 2017
Original maturities of one year or less:
Next 12 months	$	—	$	—	$	—	$	1,545	$	1,545	$	1,519
Original maturities greater than one year:
2018	$	—	$	—	$	—	$	—	$	—	$	23,870
2019		12,749		7,100		26		4,819		24,694		24,549
2020		10,957		7,618		13		2,692		21,280		21,414
2021		13,434		7,774		18		3,416		24,642		19,063
2022		6,450		8,519		16		1,800		16,785		17,586
2023		8,419		3,134		13		2,372		13,938		9,868
Thereafter		55,966		14,127		131		16,554		86,778		74,713
Total	$	107,975	$	48,272	$	217	$	31,653	$	188,117	$	191,063
Total
borrowings	$	107,975	$	48,272	$	217	$	33,198	$	189,662	$	192,582
Weighted average coupon
at period end²		3.8%		2.6%		6.4%		N/M		3.5%		3.3%

1. Variable rate borrowings bear interest based on a variety of indices, including LIBOR and federal funds rates. Amounts include notes carried at fair value with various payment provisions, including notes linked to the performance of a specific index, a basket of stocks, a specific equity security, a commodity, a credit exposure or basket of credit exposures, and instruments with various interest-rate-related features including step-ups, step-downs, and zero coupons.

2. Includes only borrowings with original maturities greater than one year. Weighted average coupon is calculated utilizing U.S. and non-U.S. dollar interest rates and excludes financial instruments for which the fair value option was elected. Virtually all of the variable rate notes issued by subsidiaries are carried at fair value so a weighted average coupon is not meaningful.

Borrowings with Original Maturities Greater than One Year

Borrowings with Original Maturities Greater than One Year

	At		At
	December 31,		December 31,
$ in millions	2018		2017
Senior	$	178,027	$	180,835
Subordinated		10,090		10,228
Total	$	188,117	$	191,063
Weighted average stated maturity, in years		6.5		6.6

Rates for Borrowings with Original Maturities Greater than One Year

	At December 31,
		2018	2017	2016
Contractual weighted average coupon¹		3.5%	3.3%	3.7%
Effective weighted average coupon after swaps		3.6%	2.5%	2.5%

1. Weighted average coupon was calculated utilizing U.S. and non-U.S. dollar interest rates and excludes financial instruments for which the fair value option was elected.

Senior Debt Subject to Put Options or Liquidity Obligations

Senior Debt Subject to Put Options or Liquidity Obligations

	At		At
	December 31,		December 31,
$ in millions	2018		2017
Put options embedded in debt agreements	$	520	$	3,023
Liquidity obligations¹	$	1,284	$	1,414

1. Includes obligations to support secondary market trading.

Subordinated Debt

		2018		2017
Contractual weighted average coupon		4.5%		4.5%

Other Secured Financings

Other Secured Financings by Original Maturity and Type

	At		At
	December 31,		December 31,
$ in millions	2018		2017
Original maturities:
Greater than one year	$	6,772	$	8,685
One year or less		2,036		2,034
Failed sales		658		552
Total	$	9,466	$	11,271

Maturities and Terms of Secured Financings

	At December 31, 2018							At
		Fixed		Variable				December 31,
$ in millions		Rate		Rate¹		Total		2017
Original maturities of one year or less:
Next 12 months	$	2,036	$	—	$	2,036	$	2,034

Original maturities greater than one year:
2018	$	—	$	—	$	—	$	4,992
2019		159		5,741		5,900		2,637
2020		197		402		599		505
2021		1		—		1		2
2022		1		85		86		151
2023		—		26		26		398
Thereafter		74		86		160		—
Total	$	432	$	6,340	$	6,772	$	8,685
Weighted average coupon
at period-end²		3.9%		2.4%		2.5%		1.7%

2. Includes only other secured financings with original maturities greater than one year. Weighted average coupon is calculated utilizing U.S. and non-U.S. dollar interest rates and excludes secured financings that are linked to non-interest indices and for which the fair value option was elected.

Failed Sales by Maturity

		At		At
		December 31,		December 31,
$ in millions		2018		2017
2018	$	—	$	22
2019		40		4
2020		62		109
2021		29		69
2022		33		59
2023		—		—
Thereafter		494		289
Total	$	658	$	552

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details